Peloton Interactive CEO John Foley to Step Down: Report

by Shivani Kumaresan, Benzinga Staff Writer

February 8, 2022 6:33 AM | 1 min read | Make a Comment

Peloton Interactive Inc's PTON co-founder John Foley is stepping down as CEO and will become executive chair, The Wall Street Journal reported.
Barry McCarthy, the former chief financial officer of Spotify Technology SA SPOT and Netflix Inc NFLX, will become CEO and president and join Peloton's board.
Peloton also plans to cut 2,800 jobs to cope with widening loss, the report added.
There were also reports that the company has drawn interest from potential suitors, including Amazon.Com Inc AMZN.
Also read: Why Peloton Shares Are Rising
Price Action: PTON shares are trading lower by 13.4% at $25.75 in premarket on the last check Tuesday.